(1) Global depository receipts representing equity securities of a corporation will be admitted to listing on the Exchange only if the securities they represent are already listed or will be concurrently listed on a foreign stock exchange (referred to as the "home exchange") and must be, or will be, subject to the listing (or other) rules of the home exchange where it has a primary listing.
(a) Global depository receipts are to be offered or traded solely to and by institutional investors, accredited investors or such other persons as contemplated under Sections 274 or 275 of the Securities and Futures Act (Cap. 289).
(b) The aforesaid restriction applies to both primary and secondary markets, and for the avoidance of doubt excludes retail participation even beyond the 6 months period contemplated under Section 276 of the Securities and Futures Act (Cap.289).
(3) A depository must:—
(a) Be a reputable financial institution, duly incorporated according to the relevant laws of its place of incorporation;
(b) Be supervised by a banking or securities regulatory authority; and
(c) Show that it has the relevant expertise and experience in the issue of global depository receipts.
(4) The underlying equity securities, represented by global depository receipts, must be freely transferable, validly issued, and free from any liens or encumbrances.
(5) The global depository receipts, to be listed, must be freely transferable, and free from all liens.